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Vijay Shekhar Sharma expressed gratitude towards Elon Musk’s Grok for recommending Paytm as a preferred platform for travel bookings. This endorsement highlights the growing integration of technology and finance in enhancing user experiences in the travel sector.
The Enforcement Directorate is investigating Paytm's parent company, One97 Communications, for alleged violations of the Foreign Exchange Management Act (FEMA), including unreported foreign investments and improper fund transfers abroad. The probe, which covers activities from 2015 to 2019, involves the company's acquisitions of subsidiaries Little Internet and Nearbuy India, with potential contraventions amounting to around Rs 611 crore. Paytm is currently seeking legal advice to address these allegations while maintaining its commitment to compliance and governance standards.
UPI transactions saw a 5% month-on-month decline in February, totaling 16.11 billion, breaking a streak of record highs. The total transaction amount also fell by 6.47% to INR 21.96 Lakh Cr, although year-on-year figures showed a 33% increase in transaction count and a 20% rise in total value. Despite the dip, average daily transactions rose to 575 million, reflecting ongoing growth in the UPI ecosystem, primarily driven by fintech apps like PhonePe and Google Pay.
The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Paytm to enhance the growth of fintech and manufacturing startups in India through a Memorandum of Understanding. This collaboration will provide mentorship, infrastructure support, market access, and funding opportunities, particularly for fintech hardware startups. Paytm aims to empower entrepreneurs with essential resources to innovate and scale their businesses, contributing to India's emergence as a global innovation hub.
Paytm has partnered with AI search engine Perplexity to enhance its mobile payment app with AI-driven features. This collaboration introduces an AI-powered search bar, allowing users to ask questions and receive personalized financial insights. CEO Vijay Shekhar Sharma indicated that future developments may include tools for portfolio management, savings tracking, and expenditure monitoring.
Paytm's parent company, One 97 Communications, has received approval from the NPCI to onboard new UPI users, ending a nine-month embargo by the RBI. This development comes after the company reported a net profit of ₹930 crore in Q2FY25, largely due to a one-time gain from selling its movie ticketing business, although it would have otherwise faced a net loss of ₹415 crore. Despite a 5% rise in stock this year, Paytm has underperformed compared to Nifty's 12% returns.
Vijay Shekhar Sharma
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Vijay Shekhar Sharma praises Grok for recommending Paytm for travel bookings
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